KBA sees significant drop in revenue

(AP) — Total revenue for the Kansas Bioscience Authority dropped by 45 percent this fiscal year, and most of the loss was attributed to a decrease in state funding.

The KBA’s latest financial report says state support went from $14 million in the 2012 fiscal year to $3.2 million in fiscal year 2013.

The KBA, a state-funded business accelerator that invests in ventures related to animal and human health, agriculture and bio-energy, was created in 2004. Since then it has invested $272 million in 90 companies and institutions.

Total revenues for the KBA are at about $8 million, down from $14.5 million in 2012. Expenses also dropped slightly, from $3.3 million at this time last year to $2.8 million in 2013.